Kevin Warsh, the next Fed chair, to be inaugurated at the White House on the 22nd

[Financial News, New York = Reporter Lee Byung-chul] Kevin Warsh, the chair of the Federal Reserve System (Fed), will hold his inauguration ceremony at the White House on the 22nd local time.
Warsh's selection began last summer, and the United States Senate approved his confirmation last week after a largely Republican-led vote. He will officially take office as the successor to Jerome Powell, whose term has ended. Powell is currently serving in an acting capacity until Warsh is inaugurated.
At 56, Warsh will become the 11th Fed chair in the modern history of the central bank. Based on the asset disclosures released during the confirmation process, he is also expected to become the wealthiest Fed chair in history.
However, under Fed ethics rules, Warsh will have to sell a large portion of his investment assets. In recent years, the Fed has significantly tightened restrictions on financial holdings by senior officials after controversies over insider trading and conflicts of interest.
Market watchers say one reason President Trump nominated Warsh was expectations for interest rate cuts. Donald Trump has long criticized the Fed's high-rate policy. The Fed cut rates three times last year, but inflation concerns have recently resurfaced amid the war in Iran and a sharp rise in oil prices.
Markets believe further rate cuts will be difficult until there is confidence that inflation is steadily moving down to the Fed's 2% target. A resilient labor market is also seen as a factor limiting an early rate cut by the Fed.
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pride@fnnews.com Reporter Lee Byung-chul Reporter